High end design practice Bar Studio has paid $6.85 million for a Collingwood warehouse tenanted to radio station PBS.
The red brick building at 47 Easey Street (pictured, top and below) sold to the owner-occupier following a well-attended auction in June.
On a 1045 square metre plot, the 1800 sqm double-storey building was expected to arouse developer interest.
The Commercial 2 zoned land would have allowed for a major new office building.
The property was also marketed to investors: the high-character warehouse-converted-office being considered easy to rent once the lease of the main occupier, PBS, expires in 2021.
Bar Studio currently rents at 75-77 Flinders Lane in the Melbourne CBD.
The interior designer specialises in hotel and resort complexes across the Asia Pacific region.
Some of its projects include The Legacy House in Hong Kong, Park Hyatt in Sydney and Grand Hyatt in Melbourne.
Last month we reported that another owner-occupier – a Sydney-based finance company – spent $5.75 million on a three-level terrace at 42 Cambridge Street, Collingwood (pictured, right), which has been converted into a 593 sqm workspace.
Elsewhere in Collingwood:
- Houston-based Hines recently spent $28.5 million on 36-52 Wellington Street, a site it intends to replace with a timber office;
- Construction of Impact Investment Group’s 13-level commercial building at 54 Wellington Street is nearing completion;
- Pace Development Group is constructing an office at 51 Langridge Street; and
- The former Glo-Weave shirt making factory at 128-144 Wellington Street sold earlier this year for c$40 million to Chinese-Australian investor Zhang Weian. This site is earmarked for a commercial complex and hotel.
Collingwood is often ranked alongside Cremorne, South Melbourne, South Yarra and Fishermans Bend as popular with small businesses in creative and high-tech sectors.
Madman Entertainment is based in the suburb.
Skin, body and hair care producer and supplier AESOP will set up at 54 Wellington Street, once complete. It will relocate from another Collingwood office at 25 Smith Street.
Jetstar and McDonalds are amongst the biggest companies headquartered in Collingwood.